spot_img
Saturday, December 3, 2022
spot_img

Cuatrecasas assists UCI with placement of €565m STS securitisation fund

Cuatrecasas has advised Unión de Créditos Inmobiliarios on the registration of its STS FT RMBS Prado X securitisation fund for a total amount of €565 million

-

UCI, Unión de Créditos Inmobiliarios, an entity specialised in sustainable housing finance, equally owned by BNP Paribas and Banco Santander, has placed the FT RMBS Prado X.

This new Securitisation Fund complies with the European STS (Simple, Transparent and Standardised) criteria set out in the Securitisation Regulation (EU) 2017/2402. In addition, the transaction complies with the CRR (Capital Requirements Regulation) and LCR (Short Term Liquidity Coverage Ratio) regulatory requirements for investors.

To this end, UCI transferred 4,240 loans to an SPV (Special Purpose Vehicle) managed and administered by Santander de Titulización, S.G.F.T., S.A. for a total amount of €565 million of prime residential mortgages to prime individuals. This transaction is the tenth operation in the “Prado” series, initiated in 2015, which has reached more than €4,500 million of securitised loans in Spain, €1,500 million in the last 12 months with Prado VIII, IX and X.

In this securitisation, the loans have very favourable risk ratios, with a WA Current Loan To Value (weighted average loan amount over the appraised value) of 67.8% and a Seasoning (average length of time since origination) of 62 months.

The structuring and placement of the transaction was carried out in collaboration with the Corporate and Investment Banking teams of BNP Paribas and Banco Santander. The Tranche A bond placed in the market amounts to EUR 501.7 million and has the highest credit rating (AAA) from the rating agencies DBRS Morningstar, Fitch Ratings.

Prado X is UCI’s fifth issue since the start of the pandemic in 2020, preceded by RMBS Green Belém No.1 in Portugal and RMBS Prado VII, VIII and IX in Spain. It is the largest transaction of securitised credits.

Cuatrecasas advised UCI with a team formed by Capital Markets partner Miguel Cruz, together with lawyers Jaime Juan Rodríguez and Jerónimo Poza.

MOST READ NEWS

Cliford, A&O successfully represent DCN, BBVA on arbitration

Clifford Chance has advised Distrito Castellana Norte (DCN), the developer of the largest urban project in Europe ("Madrid Nuevo Norte", known for years as...

Law firm trio advises on EIB’s first euro-denominated digital bond on a private blockchain

The consortium consists of Goldman Sachs Bank Europe SE, Santander Corporate and Investment Banking (SCIB) and Societe Generale. This transaction involved lawyers from Allen &...

Simmons announces new global head of Practices and Markets

A Law graduate from the Universidad Peruana de Ciencias Aplicadas (Peru) and the Universidad de Ávila (Spain), Rojas holds a Law Master’s degree in...
spot_img
spot_img
spot_img
spot_img
spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
- Advertisement -spot_img
error: